Bankruptcy delays foreclosure
Filing for personal bankruptcy adds a little over a year to a foreclosure process, finds a new paper from the Philadelphia Federal Reserve.
Personal bankruptcy overrides lenders' contractual and legal rights to pursue foreclosure. Hence, filing for bankruptcy automatically stops the process of foreclosure. Bankruptcy also leaves borrowers with more income available for mortgage payments, the authors show.
The paper follows homeowners who filed for bankruptcy between 2001 and 2002 in New Castle
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